Spain Current Account May 2022

Spain

Spain: Current account swings to surplus in May

August 11, 2022

The current account recorded a EUR 2.9 billion surplus in May, improving from the EUR 0.5 billion deficit clocked in April (May 2021: EUR 1.0 billion surplus). Meanwhile, the 12-month trailing current account surplus deteriorated, coming in at EUR 8.3 billion in May (April: EUR 6.4 billion surplus).

According to the Bank of Spain, May’s result was driven by a higher trade surplus as well as a narrower deficit in primary and secondary incomes compared to the same period of 2021.

FocusEconomics Consensus Forecast panelists expect the current account balance to record a surplus of 1.2% of GDP in 2022 and 1.2% of GDP again in 2023.


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Spain Current Account Chart


Spain Current Account May 2022

Note: Monthly current account balance and 12-month sum in EUR billion.
Source: Bank of Spain (BdE) and FocusEconomics calculations.


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